US stocks rallied on Wednesday after the Federal Reserve held interest rates steady, retained its forecast for two rate cuts this year, and revised its economic projections in what some commentators called a “dovish” announcement from the central bank.
The Nasdaq Composite (^IXIC) led gains, rising more than 1.4%, while the Dow Jones Industrial Average (^DJI) rose 375 points, or 0.9%, and the S&P 500 (^GSPC) gained 1.1%.
Stocks finished off their highs of the session, with the Nasdaq up more than 2% shortly after Fed Chair Jerome Powell’s press conference wrapped.
